Financial advisers support clients in long-term planning and decision making, but they don’t necessarily get to speak to clients every day or check in on their habits and progress between meetings. Especially for seniors, making changes to spending patterns or saving habits late in life can be a challenge. This is even harder if these people feel like they are going it alone, or don’t see tangible results right away. Here is a list of just some of the financial planning apps that can make budgeting, saving, and tracking spending easier for senior clients.
Apps For General Budgeting
Budgeting apps need to be secure and easy to use. Without knowing information is safe, users won’t sign up to begin with. If navigating the app is too confusing, they may download it but not get into a habit of using it. On top of these basics, it’s also great when an app can give a bird’s eye view of finances.
- Mint is one of the most popular options in the market that fills these needs. Not only is it easy to use, it’s free! Mint syncs up with any accounts the user chooses, like their checking and savings accounts, credit card accounts and other debt, mortgage companies, and more. Users can set goals for spending and saving and track progress in the app. Custom alerts let you know if budgets for areas like entertainment or travel have been exceeded.
- Mvelopes is similar to Mint but has been specifically developed for those who know they need to change spending habits. One of the features that helps with this is the ability to share budgets and outcomes with others who have the app. This keeps individuals accountable to their loved ones with greater transparency. No more fibbing about how many coffees you bought this week!
- You Need a Budget is a tool that is only accessible from a web browser, not as a mobile app, so those who don’t want to use a smartphone may like this option best. This system works by asking users to plan how their money is spent in advance, giving more insight into where they meet their goals and where they don’t.
Apps For Saving and Investing
Once the budget is under control, it’s time to consider saving and planning for the future. Luckily, there are apps for that too!
- Acorns makes saving as easy as spending. When you use Acorns, the app rounds up your usual purchases a certain amount (you decide) and automatically invests the difference for you. This app has modest subscription fees of $3 or less per month, and you can even get rewards from shopping with 250+ partner brands like Nike, Apple, Airbnb, and more.
- CoinOut is a free app that gives users online cash back for sharing pictures of receipts. The amount of cash back varies based on what the specific retailer has agreed with CashOut. This includes both brick-and-mortar retailers like JC Penny and WalMart, and online retailers like eBay and Groupon. Referrals get you even more cash back. This is one of the coolest ideas to ever come out of Shark Tank!
- WinWin is an app that lets you save a little and play a lot. Every time you deposit a dollar in your WinWin savings account, you earn the opportunity to participate in a 60-second game. These could be anything from a word scramble to Whack-a-Mole. Once the fun is over, a cash prize of up to $100 is revealed! This is kind of like gambling, except you’re saving money, not blowing it.
There are many apps out there to help people do better at managing money. That’s because managing money is very challenging! Sometimes an app like this isn’t enough, and a lump sum of cash is a far more attractive solution. If you or your clients have unneeded life insurance policies, did you know you could sell all or a portion of them in a life settlement for more than the surrender value of the policy? Even Term Life insurance! Like these apps, a life settlement can be a valuable part of a greater financial planning strategy. If I can share more information or answer questions, don’t hesitate to let me know.
Case Study: Jon bought a term life insurance policy several years ago through his business. Last year Jon sold his company and retired. The Term policy was no longer needed so Jon planned to let it lapse. Jon’s financial advisor suggested Jon sell his Term policy. Jon sold his policy and used the funds to pay off medical the bills. Jon’s financial advisor received a nice payday for the term conversion and the life settlement case.
Life Settlement Advisors